Under-pressure Leeds boss Peter Reid was dealt another huge blow today - when his club announced massive annual losses of almost #50 million.

In the year up to June 30 the Elland Road club recorded pre-tax losses of #49.5 million, which amounted to #25.4 million before transfers were taken into account.

However, chairman Professor John McKenzie tried to put a positive angle on the news, claiming cost-cutting had worked.

He said: "We have taken #20 million of costs out of the business and rebuilt the management team.

"As such, it is now possible to begin to look forward with confidence."

Today's announcement to the Stock Exchange also confirmed Trevor Birch will become chief executive on November 1.

The club's turnover fell by 21 per cent to #64 million, thanks in part to drops of 36 per cent and nine per cent in television and merchandising income respectively.

Despite seeing Rio Ferdinand, Jonathan Woodgate, Robbie Fowler, Robbie Keane, Lee Bowyer and Olivier Dacourt leave during the 12 months up to June 30, Leeds' wages rose by #3 million while the club made a loss of #17million in player trading.

But McKenzie, who will now become non-executive chairman, said: "Why does everybody always want to knock Leeds down all the time?

"We have turned the corner and we are on our way back.

"There will yet another opportunity for fans and others to invest in the first part of next year.

"We will not sell a player unless they ask to go and that will only be when the price is then right. The key is whether they want to go or not."

On Birch's appointment, he added: "He'll be in control of the day-to-day running of the business. He brings considerable talent and expertise.